"Mr. Big Oil spilled the beans: Offshore oil drilling means bupkis for Virginia. He ginned up the flap here in the Old Dominion to win support for opening up California, Alaska and the Gulf where the big barrels are."
Read the rest here.
Do you remember when, some years back, oilmen were pouring concrete down wells because the price didn't suit? Pre-Iraq war, Sadam was threatening to unleash Iraqi oil on the market (and thereby reduce price). He also didn't want to trade in dollars, threatening our currency. I doubt much Iraqi oil will get into the market for a while. Big Oil seems to think it has more to gain by restricted the flow and pumping up the price.
Additionally, Big Oil doesn't really want to drill in the Artic Wildlife refuge. It's far too expensive. So, I think that's a red herring. I think they want to hold the leases, and make sure no one else drills in it.
It all makes one really (even more) cynical.